Wearable technology such as fitness and activity tracking wristwear have grown in popularity in recent years. According to data presented by Safe Betting Sites USA, revenue from fitness/activity tracking wristwear in the US is set to cross the $2B mark in 2021 when revenue is expected to grow by 23.08% and reach $2.07B. The number of fitness/activity tracking wristwear users is also set to breach the 20M mark for the first time in 2021.
Fitness Wristwear To Cross $2B Revenue Mark in 2021
Wearable fitness technology was popularized by companies like Fitbit as well as established sports names such as Nike. Notably, smartwatches that include activity tracking as its functionality are not part of the market definition for fitness/activity tracking wristwear. In the last five years, the segment has experienced significant growth and is slowly breaking through the mainstream.
In 2021, revenue from the fitness/activity tracking wristwear segment is projected to cross an important milestone when it breaches the $2B revenue mark. After growing by 23% from 2020, revenue from the segment is expected to reach $2.07B. It is projected to add another $1B to this revenue by 2025, after growing at a projected compound annual growth (CAGR) rate of 10.5% in the four-year period from 2021-2025.
Users In US To Reach 20M
The number of fitness wristwear users is also expected to grow by 21.41% in 2020 and breach the 20M mark for the first time. The number of users is expected to rise to just under 30M by 2025 after growing at a projected CAGR of 9% in the four-year period from 2021-2025.
The penetration rate of fitness/activity tracking wristwear in the US first crossed the 5% mark in 2020 and is projected to reach 6.2% in 2021. This figure is expected to climb to 8.56% by 2025.
Rex Pascual, Sports Editor at Safe Betting Sites USA, commented:
“Companies like Fitbit can be credited with bringing the fitness/activity tracking wristwear closer to the mainstream.Still there is plenty of potential left in the segment as the single digit penetration rate shows a clear opportunity for the market’s further development.”